Updating on 12/8
This had been pushing up for about a month at the time, despite being down pretty strong for the 6 months prior. A week prior, price moved largely sideways, had a bit of a dip, but for the last couple of days was pushing back up to the recent highs. When I got to this chart, it had broken out of that area fairly strongly and then pulled back to that support/prior resistance area. I set my entry order on the move back to the upside.
Entry – $38.94
Exit – $38.74
Price triggered me in, but largely based around my entry for the next couple of hours before pulling back and stopping me out.
I’m not mad at this trade. Even though price was largely down, for a day-trade, it was on it’s way up in it’s recent history. This one just happened to not work out, but I think I do want to look for more opportunities like these in the future.